infoTECH News

OKI (News - Alert) (TOKYO:6703) has developed and initiated sales of its RG7 Currency
Exchanger, the world's first currency exchange machine capable of
recycling deposits and withdrawals in multiple currencies from a single
unit. Several customers have already chosen the RG7 Currency Exchanger.
OKI is targeting sales of 5,000 units worldwide, including Japan, over
the coming five years, to various customers, such as financial
institutions, foreign exchange firms, and travel businesses that provide
currency exchange services.

Demand for currency exchange has grown in recent years alongside rising
numbers of international travelers. However, lack of progress toward
automation in currency exchange and the slow pace of processing
transactions manually, even when conditions allow for little time, have
led to crowded currency exchange counters at busy outlets. The currency
exchange machines currently deployed suffer from various limitations in
service-they can only handle exchange in one direction, whether from the
local currency to a foreign currency or the reverse, and only allow
bundles of specific denominations of foreign currency to be withdrawn.
These problems have led to slow acceptance in the marketplace.

"The RG7 Currency Exchanger developed by OKI, however, is capable of
simultaneously handling deposits and withdrawals of mixed banknotes up
to the 128 denominations with differing attributes, such as size,
thickness, and materials, allowing it to handle banknote currency from
multiple countries, including the Japanese yen, the U.S. dollar, and the
Euro, all in a single machine. These features overcome the limitations
of previous currency exchange mahines, and allow currency exchange from
local to foreign currency and vice versa," says Shinya Kamagami, Senior
Vice President and General Manager of OKI's Systems Hardware Business
Division. "The RG7 can also accept banknotes in multiple currencies in a
single transaction. The capacity to withdraw foreign currency in various
denominations improves customer convenience by allowing currency
exchange in the precise amounts required, something not possible with
predetermined foreign currency bundles. The RG7 Currency Exchanger's
cash-recycling function also makes the unit significantly more efficient
and versatile than devices that handle just deposits or withdrawals."

The introduction of this device is expected not just to reduce burdens
on existing currency exchange counters at currency exchange services and
other businesses, but to increase trading volumes by allowing facilities
to deploy the machines to locations at which there are higher demands
for currency exchange services, including airports and hotels, while
lengthening the hours services can be provided.

[Sales plan]

Standard price: open priceShipments begin: November 2012Sales
target: 5,000 units over five years

[Major advantages]

1. Single unit handles currency exchange transactions involving multiple
currencies in both directions. (In Japan, for example, the RG7 Currency
Exchanger can exchange currency to and from the Japanese yen and other
currencies.)

2. Banknote recognition technologies demonstrated for use in ATMs for
overseas markets allow deposits and withdrawals in multiple currencies.
(The device can handle up to 128 denominations at once.)

3. The device can calculate and handle, in coin form, fractional
remainders generated by exchange rates. (In Japan, Japanese yen coins
are used for these calculations.)

Founded in 1881, OKI Electric Industry is Japan's leading
telecommunications manufacturer in the Info-telecom field. Headquartered
in Tokyo, Japan, OKI provides top-quality products, technologies, and
solutions to customers through its info-telecom systems and printer
operations. Its various business divisions function synergistically to
bring to market exciting new products and technologies that meet a wide
range of customer needs in various sectors . Visit OKI's global website
at http://www.oki.com/.

Notes:

The names of the companies and products mentioned in this document are
the trademarks or registered trademarks of the respective companies
and organizations.

IoT Evolution World NewsKen Briodagh, IoT Evolution World Editorial Director, gives you the download on today’s top news stories from the IoT. Visit IoTEvolutionWorld.com for all the industry news you need to get informed and grow your business.

IoT Evolution World NewsKen Briodagh, IoT Evolution World Editorial Director, gives you the download on today’s top news stories from the IoT. Visit IoTEvolutionWorld.com for all the industry news you need to get informed and grow your business.

IoT Evolution World NewsKen Briodagh, IoT Evolution World Editorial Director, gives you the download on today’s top news stories from the IoT. Visit IoTEvolutionWorld.com for all the industry news you need to get informed and grow your business.Posted Wednesday, July 1, 2015

IoT Evolution World NewsKen Briodagh, IoT Evolution World Editorial Director, gives you the download on today’s top news stories from the IoT. Visit IoTEvolutionWorld.com for all the industry news you need to get informed and grow your business.